Growth strategy powered by innovation

Xinwu district in Wuxi, Jiangsu province, is exploring an innovative path for high-quality development and Yangtze River Delta regional integration, local officials said.

The district is home to the Wuxi National Hi-tech District. Government data show that there are more than 26,000 businesses in Xinwu, including 20 publicly traded companies in China and abroad.

Of those businesses, 1,674 have a registered capital of $32.5 billion from Japanese, South Korean, European and US investors. Also, 437 have been granted the title of national high-tech enterprises.

In 2018, foreign capital worth $1.3 billion was paid into Xinwu, enabling the district to keep its No 1 position across the city for the third year.

Driven by this flourishing investment, the district registered high growth in major economic indicators in 2018. Its GDP topped 180 billion yuan ($25.71 billion), ranking first in the city. Per capita GDP surpassed 300,000 yuan. Foreign trade exceeded $50 billion, also topping the city.

The momentum continued in the first half of this year. Investment in local industries and fixed assets increased by 11.6 percent and 5.2 percent from the same period of last year respectively.

Foreign trade grew 7 percent year-on-year. Countries and regions involved in the Belt and Road Initiative contributed more than half to the amount. Deals with BRI countries and regions were worth $13.86 billion, an increase of 7.6 percent year-on-year.

Between January and June, local authorities approved 50 industrial projects. The total investment value reached 30.38 billion yuan, a record high. Of the new paid-in foreign capital, 88.4 percent went to strategic and emerging sectors.